21 August 2023

MAS firms up regulatory framework for stablecoins

Written By FinTech Alliance in Digital Currency

MAS firms up regulatory framework for stablecoins

The Monetary Authority of Singapore (MAS) has laid out its new regulatory framework for stablecoins, following a public consultation in October last year.

In brief:

-The new framework takes into account the feedback received from the public consultation

-It will apply to single-currency stablecoins (SCS) pegged to the Singapore dollar or any of the G10 currencies that are issued in Singapore

-Issuers of SCS in Singapore will have to fulfil “key requirements” in order to be recognised and labelled as “MAS-regulated stablecoins”.

What does this mean?

“MAS’ stablecoin regulatory framework aims to facilitate the use of stablecoins as a credible digital medium of exchange, and as a bridge between the fiat and digital asset ecosystems,” comments Ho Hern Shin, deputy managing director (financial supervision), MAS.

Read more here.

Up Next ...
04 November 2024

Finance apps are in ‘need of improvement’, says a quarter of Brits

A recent survey by UK mobile specialists Apadmi reveals that ...

04 November 2024

Barclays acquires Tesco Bank

Barclays Bank UK PLC has completed the acquisition of Tesco ...

04 November 2024

fundcraft Increases Series A to €11 Million Demonstrating Strong Product-Market Fit

fundcraft has increased its Series A funding to €11 million, ...

01 November 2024

Mollie and Hyvä announce strategic partnership, launching Hyvä Commerce

Mollie, a leading financial service provider, has partnered with Hyvä, ...

More in Digital Currency

Zumo and CCRI Partner

29 April 2024

Pushing back against growing crypto carbon footprint. In brief:- After the ...

Singapore to pilot use of wholesale central bank digital currencies in 2024

20 November 2023

In 2024 Singapore will pilot the live issuance and use ...

PayPal Launches U.S. Dollar Stablecoin

21 August 2023

PayPal USD (PYUSD) is fully backed by U.S. dollar deposits, ...

Mastercard launches CBDC partner programme

18 August 2023

Mastercard has put together a central bank digital currency partner ...

White Papers Digital Currency

The digital pound: a new form of money for households and businesses?

12 June 2023

This consultation – issued jointly by HM Treasury and the Bank of England – opens that conversation...

White Papers Digital Currency

Connecting digital islands: CBDCs

28 March 2023

There is a growing momentum towards exploring Central Bank Digital Currencies (CBDCs) amongst centra...

White Papers Digital Currency

Banking Circle on: As crypto evolves, how should Banks approach CBDCs & stablecoins?

13 July 2022

Banks must prepare for crypto or risk falling behind the competition. The acceptance network fo...

White Papers Digital Currency

Study on New Digital Payment Methods

25 May 2022

This study seeks to provide the European Central Bank (ECB) with a thorough understanding of the cur...

There are no Events in this category